FEATURE
prioritise financial growth , putting it second in their list of priorities – it is much lower on the list at tenth for HR leaders .
The financial health of companies could not be more important right now . In the immediate term , 93 % of HR and business leaders say economic uncertainty will be a challenge for HR in the years ahead .
Top challenges in 2024
Ninety-two percent of HR leaders say the sheer amount of work they have to undertake is a big barrier to future success in 2024 . Limited budgets , lack of resources and not having the right skills in the HR team are also barriers . A boost in HR skills and increased investment in specialisms feature highly on HR ’ s list to succeed .
HR doesn ’ t prioritise business-focussed skillsets the research revealed , and HR leaders and CEOs don ’ t have the same view when it comes to the top skills needed in HR .
HR leaders top three ranked skills are leadership and management skills , teamwork skills and
coaching / mentoring / training facilitation skills . While C-suite said the top skills are leadership and management , financial skills and analytical skills .
The role of performance management in light of the Great Resignation
C-suite and HR leaders told us that performance management is one of the most crucial areas of focus following the Great Resignation . Despite most companies ( 93 %) having a formal review system and 58 % of leaders thinking performance management is now even more important , 75 % of HR and the C-suite don ’ t believe their current performance management process is fit for purpose .
Kad said : “ Performance management is extremely important . A robust system is like the spinal cord for the body , it connects so many other things that go on in the organisation . Annual appraisal , however , are dead .”
There are so many tools and technologies available for HR which take away a lot of that transactional or tactical burden for them . x www . intelligentcxo . com
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